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Open economy measures of wealth and Hicksian national income

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  • Tony Makin

Abstract

This paper argues that a total approach to macroeconomic stock estimation is necessary when assessing the overall significance of a nation's foreign debt level. In an increasingly integrated global economy, changes in national wealth—the difference between the value of internationally tradable assets and external liabilities—not only help gauge creditworthiness, but may be used to complement the traditional flow measures of gross national product and national income. Moreover, following Hicks (1946), changes in open economy measures of wealth yield a new measure of national income. Prototypical estimates of wealth and Hicksian income are presented for Australia by way of example. Copyright Kluwer Academic Publishers 1994

Suggested Citation

  • Tony Makin, 1994. "Open economy measures of wealth and Hicksian national income," Open Economies Review, Springer, vol. 5(4), pages 361-369, October.
    • Handle: RePEc:kap:openec:v:5:y:1994:i:4:p:361-369
    DOI: 10.1007/BF01000720
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    References listed on IDEAS

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    1. Tony Makin, 1993. "Capital Market Integration and National Wealth," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 26(2), pages 61-70, April.
    2. Jeffrey A. Frankel, 1985. "International capital mobility and crowding-out in the U.S. economy: imperfect integration of financial markets or of goods markets?," Proceedings, Federal Reserve Bank of St. Louis, pages 33-74.
    3. Fukao, Mitsuhiro & Okina, Kunio, 1989. "Internationalization of financial markets and balance of payments imbalances: A Japanese perspective," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 30(1), pages 167-220, January.
    4. repec:ucp:bkecon:9780226301532 is not listed on IDEAS
    5. Eisner, Robert, 1988. "Extended Accounts for National Income and Product," Journal of Economic Literature, American Economic Association, vol. 26(4), pages 1611-1684, December.
    6. Mitsuhiro Fukao, 1989. "Exchange Rate Fluctuations, Balance of Payments Imbalances and Internationalization of Financial Markets," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 7(2), pages 25-71, August.
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    Cited by:

    1. Jordan Shan & Fiona Sun, 1998. "Domestic Saving and Foreign Investment in Australia: A Granger Causality Test," International Economic Journal, Taylor & Francis Journals, vol. 12(4), pages 79-87.

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